In a surprising turn of events, Bitcoin price has once again made higher-highs after breaking through the $27,756 level in the middle of the night. The King of Crypto had previously hit a seven-month high of $26,700 amid the downturn of Signature Bank and Silicon Valley Bank. However, it seems that the momentum is not slowing down anytime soon, with Bitcoin continuing to show signs of growth.
According to a report by AZCoin News, one analyst has suggested that the price of Bitcoin is moving above the death cross signal. Tony “The Bull” tweeted that this move has destroyed Bitcoin bears’ best argument in one candle, calling the short-covering rally “wild” and suggesting that it has not quite started yet.
Destroying #Bitcoin bears’ best argument in one candle. Priceless.
The short-covering rally is going to be wild. I don’t think it has quite started yet. pic.twitter.com/n2WfX13htB
— Tony “The Bull” (@tonythebullBTC) March 17, 2023
For those unfamiliar with the term, a death cross occurs when the 50 moving average (MA-50) crosses the 200 moving average (MA-200) downward, indicating a possible bear market in the future. However, as the article notes, there are many other factors that can influence the price of Bitcoin, so it remains to be seen whether this is a long-term trend or just a short-term blip.
As of writing, Bitcoin’s price is hovering around $27,300, which represents an 6.4% increase over the past day. In the past week, BTC has recovered as much as 33%, which is certainly an impressive feat. This recent surge in price has left many wondering whether Bitcoin is set for a major breakout or if it will face significant resistance in the near future.
It is worth noting that Bitcoin’s price can be notoriously volatile, and predictions about its future trajectory should always be taken with a grain of salt. However, the fact that it has broken through the $27,800 level is certainly a positive sign for those who are bullish on cryptocurrency.
Read more:
- Bitcoin Correlates With Net Liquidity Indicator For The Past Year
- The First Test For Bitcoin’s Superiority As A Store Of Value Over Traditional Assets